Saturday, August 13, 2011

Wall Street End-Of-Year Bonuses Could Fall 30%

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The terrible economy is getting to everyone these days, and it may finally be reaching Wall Street.

First there was the news of 101,000 banking layoffs this year and now Bloomberg is reporting that some Wall Street trader end-of-year bonuses may drop as much as 30% because of the lack of economic recovery and uncertainty in world markets. I know you're sobbing in your cereal. But if it makes you feel any better, just know that the drop mainly affects equities and fixed-income traders. Hedge fund traders could still receive a 5% bonus increase while Wall Street investment bankers and fixed income asset managers could see a 5-10% bonus bump. So not all of their hope is lost.

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